The price of the drug that prevents premature birth was slashed by more than 50 percent after the FDA decided to keep its cheap version available in the market.

KV Pharmaceutical Company, the company that was first granted exclusive production and marketing of the same drug, reduced the price to $690, Friday.

Although $690 per weekly dose is still pricey, it is a huge improvement from its original price of $1,500. Moreover, the company said that they will give rebates and discounts to women who cannot afford the drug even at $690.

The price cut was announced only two days after the Food and Drug Administration decided to allow small pharmaceutical companies to continue making generics of the drug priced at $10. This has been the case before KV Pharmaceutical Company gained exclusive rights on selling the drug February this year.

Many doctors supported KV Pharmaceutical Co. because this can assure proper regulation of the drug and its quality. However, they were taken aback when they found out how expensive the drug will be.

FDA already said that they have no control over food and drug prices. However, following public uproar on the massive price increase, FDA announced that they will not stop other pharmaceutical companies from selling the drug.

Gregory J. Divis Jr., chief executive of KV Pharmaceutical Co., said that the price of Makena – the drug’s brand name – is justified as $1,500 is a small price to pay to ensure an unborn child’s health. He further said that they spent millions of dollars on researches conducted for drug development.